Agents at the Environmental Protection Agency intend to accuse the polenta eaters at Fiat Chrysler of using software that allowed heavy diesel emissions to spew from the exhaust pipes of their U.S. trucks and SUVs.
Shares of the company $FCAU are being slaughtered in early Thursday trade, currently down more than -15% at the New York Stock exchange. Reuters with the details:
The EPA told the automaker it believes its undeclared emissions control software allowed vehicles to generate excess pollution in violation of the law. Fiat Chrysler declined to comment.
Its U.S.-listed shares were down 9 percent.
The EPA will announce the findings at an 11 a.m. conference call. It comes amid rising scrutiny by EPA of automaker emissions after Volkswagen AG admitted to cheating diesel emissions tests in 580,000 U.S. vehicles.
The EPA has for months declined to certify Fiat Chrysler’s 2017 diesel vehicles for sale in the United States.
Investors are fleeing from the Italian auto-conglomerate ahead of what is likely to be damning evidence from the EPA against Dodge pickup trucks. Fiat officially aquired Chrysler back in January ’14. The two companies have been allies since mid-2009 when the gluttonous American auto group went bankrupt—shortly after the Germans abandoned the Neon makers.
Funny aside–yours truly worked for the failing Chrysler group back in 2008 and gave a provoking presentation to 100s of executives, telling them they were fucked, and that I had no interest in going down with the ship.
The blow to Chrysler comes just days after the god damned Honda Ridgeline was named 2017 ‘Truck of the Year’ at the Detroit auto show.
Today is probably a fun day to peruse the empty hallways of Chrysler’s insanely oversized Auburn Hills tech center.
Diesel cars must adhere to strict EPA guidelines if they are to be driven in the United States, and it appears the fascists at Fiat Chrysler could not remain complaint.